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Tax Roadmap

by TekNacion, Window Shopper

  • Created: April 15, 2012, 11:36 am
  • Updated: April 16, 2012, 1:12 pm
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2 comments

I'm starting a small business in Charleston, SC as an Single member LLC with no employees. Why is there no system in place that guides through everything I'm responsible for when it comes to taxes. A system that would step through a few questions and determines my responsibilities based on my situation. Currently I feel like I have read every tax law and rule to pick out the ones that apply to me. This is ridiculous.

Does anyone agree?

Tags: Discuss Popular Topics, Filing and Paying Taxes
‹ Keith Gilabert, "I had a client default on a $100,000.00 note." Internet & State Sales Taxes. ›

BizResearcher | Window Shopper | 5/9/2012 - 11:34 am

Have you checked the IRS web site about reporting taxes as a single member
LLC? Unless you are involved in a complicated industry, it is really quite
simple. You can choose to file your tax return like a sole proprietor, using
Schedule C with your personal return, or you can choose to file like an
S-corp. You will also pay self-employment tax on your net income. If you sell
a product and your state collects sales tax, you will need to secure a sales
tax permit. You may also need to pay state income tax. You will need to pay
estimated income tax four times a year if you have enough income.

kmurray | Community Moderator | 4/16/2012 - 2:23 pm

Hi,  Have you check out our information about LLCs? You'll find a section devoted to tax information and related tax resources about half-way down the page.